Securities and Exchange Commission
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: 16-May-03
CIT Equipment Collateral 2002-VT1
A Delaware Commission File I.R.S. Employer
Corporation No. 0001172747 No. 51-0407692
c/o Capita Corporation
1 CIT Drive, Livingston, New Jersey 07039
Telephone number: (973)740-5000
Page 2 of 8
<Page>
Item 5. Other
CIT Equipment Collateral 2002-VT1
Monthly Servicing Report
Determination Date: 05/16/03
Collection Period: 04/30/03
Payment Date: 05/20/03
I. AVAILABLE FUNDS
A. Available Pledged Revenues
a. Scheduled Payments Received $ 35,838,515.40
b. Liquidation Proceeds Allocated to Owner Trust 746,121.00
c. Required Payoff Amounts of Prepaid Contracts 1,454,906.13
d. Required Payoff Amounts of Purchased Contracts 0.00
e. Proceeds of Clean-up Call 0.00
f. Investment Earnings on Collection Account and Note Distribution Account 0.00
Total Available Pledged Revenues = $ 38,039,542.53
B. Determination of Available Funds
a. Total Available Pledged Revenues $ 38,039,542.53
b. Servicer Advances 4,440,316.09
c. Recoveries of prior Servicer Advances (3,492,420.44)
d. Withdrawal from Cash Collateral Account 831,693.15
----------------
Total Available Funds = $ 39,819,131.33
Page 3 of 8
II. DISTRIBUTION AMOUNTS
A. COLLECTION ACCOUNT DISTRIBUTIONS
1. Servicing Fee 401,103.43
2. Class A-1 Note Interest Distribution 0.00
Class A-1 Note Principal Distribution 0.00
Aggregate Class A-1 distribution 0.00
3. Class A-2 Note Interest Distribution 410,078.11
Class A-2 Note Principal Distribution 34,637,664.99
Aggregate Class A-2 distribution 35,047,743.10
4. Class A-3 Note Interest Distribution 1,071,308.33
Class A-3 Note Principal Distribution 0.00
Aggregate Class A-3 distribution 1,071,308.33
5. Class A-4 Note Interest Distribution 414,657.08
Class A-4 Note Principal Distribution 0.00
Aggregate Class A-4 distribution 414,657.08
6. Deposit to the Class A Principal Account 0.00
7. Class B Note Interest Distribution 58,387.29
Class B Note Principal Distribution 1,026,992.76
Aggregate Class B distribution 1,085,380.05
8. Class C Note Interest Distribution 35,617.98
Class C Note Principal Distribution 560,177.87
Aggregate Class C distribution 595,795.85
9. Class D Note Interest Distribution 82,787.75
Class D Note Principal Distribution 1,120,355.74
Aggregate Class D distribution 1,203,143.49
10. Deposit to the Cash Collateral Account 0.00
11. Amounts in accordance with the CCA Loan Agreement 0.00
12. Remainder to the holder of the equity certificate 0.00
Collection Account Distributions = 39,819,131.33
===============
B. CASH COLLATERAL ACCOUNT DISTRIBUTIONS
1. Payment due on the Senior Loan 2,482,115.21
2. Payment due on the Holdback 0.00
3. Payment to the Depositor 0.00
---------------
Cash Collateral Account Distributions = 2,482,115.21
===============
C. INCORRECT DEPOSITS TO BE RETURNED TO CIT Collection Account Distributions = 0.00
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Page 4 of 8
III. INFORMATION REGARDING DISTRIBUTIONS ON THE SECURITIES
---------------------------------------------------------------------------------------------------------
Distribution Class A-1 Class A-2 Class A-3 Class A-4
Amounts Notes Notes Notes Notes
---------------------------------------------------------------------------------------------------------
1. Interest Due 0.00 410,078.11 1,071,308.33 414,657.08
2. Interest Paid 0.00 410,078.11 1,071,308.33 414,657.08
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 0.00 34,637,664.99 0.00 0.00
5. Total Distribution Amount 0.00 34,637,664.99 414,657.08 0.00
((2) plus (4))
---------------------------------------------------------------------------------------------------------
Distribution Class B Class C Class D Total Offered
Amounts Notes Notes Notes Notes
---------------------------------------------------------------------------------------------------------
1. Interest Due 58,387.29 35,617.98 82,787.75 2,072,836.54
2. Interest Paid 58,387.29 35,617.98 82,787.75 2,072,836.54
3. Interest Shortfall 0.00 0.00 0.00 0.00
((1) minus (2))
4. Principal Paid 1,026,992.76 560,177.87 1,120,355.74 37,345,191.36
5. Total Distribution Amount 1,085,380.05 595,795.85 1,203,143.49 37,936,641.46
((2) plus (4))
IV. Information Regarding the Securities
A Summary of Balance Information
------------------------------------------------------------------------------------------------------------
Applicable Principal Balance Class Factor Principal Balance Class Factor
Class Coupon May-03 May-03 Apr-03 Apr-03
Rate Payment Date Payment Date Payment Date Payment Date
------------------------------------------------------------------------------------------------------------
a. Class A-1 Notes 1.9600% 0.00 0.00000 0.00 0.00000
b. Class A-2 Notes 2.9000% 135,049,829.33 0.48754 169,687,494.31 0.61259
c. Class A-3 Notes 4.0300% 319,000,000.00 1.00000 319,000,000.00 1.00000
d. Class A-4 Notes 4.6700% 106,550,000.00 1.00000 106,550,000.00 1.00000
e. Class B Notes 3.9700% 16,621,558.28 0.56632 17,648,551.04 0.60131
f. Class C Notes 4.4400% 9,066,304.52 0.56664 9,626,482.39 0.60166
g. Class D Notes 5.1600% 18,132,609.03 0.56493 19,252,964.78 0.59984
h. Total Offered Notes 604,420,301.16 641,765,492.52
i. One - Month Libor Rate 1.32000%
B Other Information
-------------------------------------------------------------------------
Scheduled Scheduled
Principal Balance Principal Balance
Class May-03 Apr-03
Payment Date Payment Date
-------------------------------------------------------------------------
Class A-1 Notes 0.00 0.00
-----------------------------------------------------------------------------------------------------------
Target Class Target Class
Class Principal Amount Floor Principal Amount Floor
Class Percentage May-03 May-03 Apr-03 Apr-03
Payment Date Payment Date Payment Date Payment Date
-----------------------------------------------------------------------------------------------------------
Class A 92.75% 560,599,829.33 595,237,494.31
Class B 2.75% 16,621,558.28 0.00 17,648,551.04 0.00
Class C 1.50% 9,066,304.52 0.00 9,626,482.39 0.00
Class D 3.00% 18,132,609.03 0.00 19,252,964.78 0.00
Page 5 of 8
V. PRINCIPAL
A. MONTHLY PRINCIPAL AMOUNT
1. Principal Balance of Notes and Equity Certificates 641,765,492.52
(End of Prior Collection Period)
2. Contract Pool Principal Balance (End of Collection Period) 604,420,301.16
-----------------
Total monthly principal amount 37,345,191.36
B. PRINCIPAL BREAKDOWN No. of Accounts
---------------
1. Scheduled Principal 68,230 34,194,576.96
2. Prepaid Contracts 491 1,536,368.11
3. Defaulted Contracts 238 1,614,246.29
4. Contracts purchased by CIT Financial USA, Inc. 0 0.00
-------------------------------------
Total Principal Breakdown 68,959 37,345,191.36
VI. CONTRACT POOL DATA
A. CONTRACT POOL CHARACTERISTICS
---------------------------------------------------------
Original May-03 Apr-03
Pool Payment Date Payment Date
---------------------------------------------------------
1. a. Contract Pool Balance 1,068,496,994.00 604,420,301.16 641,765,492.52
b. No of Contracts 73,864 68,959 69,688
c. Pool Factor
2. Weighted Average Remaining Term 38.00 29.0 29.4
3. Weighted Average Original Term 44.1
B. DELINQUENCY INFORMATION
-------------------------------------------------------------------
% of % of Aggregate
Required Payoff No. of Aggregate Required
Contracts Amount Accounts Payoff Amounts
-------------------------------------------------------------------
1. Current 95.01% 96.15% 65,521 589,773,946.86
31-60 days 2.70% 2.26% 1,861 13,849,838.25
61-90 days 1.03% 0.79% 711 4,830,701.64
91-120 days 0.57% 0.44% 395 2,683,816.09
120+ days 0.68% 0.37% 471 2,253,049.83
Total Delinquency 100.0% 100.0% 68,959 613,391,352.67
2. Delinquent Scheduled Payments:
Beginning of Collection Period 8,023,155.86
End of Collection Period 8,971,051.51
---------------
Change in Delinquent Scheduled Payments 947,895.65
C. DEFAULTED CONTRACT INFORMATION
1. Required Payoff Amount on Defaulted Contracts 1,614,246.29
2. Liquidation Proceeds received 746,121.00
--------------
3. Current Liquidation Loss Amount 868,125.29
4. Cumulative Liquidation Losses to date 9,298,363.70
% of Initial Contracts 3.432%
% of Initial Contract Pool Balance 0.870%
Page 6 of 8
VII. MISCELLANEOUS INFORMATION
A. SERVICER ADVANCE BALANCE
1. Opening Servicer Advance Balance 8,023,155.86
2. Current Period Servicer Advance 4,440,316.09
3. Recoveries of prior Servicer Advances -3,492,420.44
-------------
4. Ending Servicer Advance Balance 8,971,051.51
B. CASH COLLATERAL ACCOUNT
1. Applicable Rates for the Interest Period:
a. Libor Rate for the Interest Period 1.3200%
b. Senior Loan Interest Rate 4.8200%
c. Holdback Amount Interest Rate 7.3200%
2. Opening Cash Collateral Account 56,154,480.60
3. Deposit from the Collection Account 0.00
4. Withdrawals from the Cash Collateral Account (831,693.15)
5. Investment Earnings 46,104.11
6. Investment Earnings Distributions:
a. Senior Loan Interest -46,104.11
b. Senior Loan Principal 0.00
c. Holdback Amount Interest 0.00
d. Holdback Amount Principal 0.00
------------
Total Investment Earnings distributions -46,104.11
7. Remaining available amount 0.00
8. Required Cash Collateral Account Amount 52,886,776.35
9. Cash Collateral Account Surplus/ (Shortfall) 0.00
10. Distribution of CCA Surplus:
a. Senior Loan Principal -2,436,011.10
b. Holdback Amount Principal 0.00
-------------
Total Distribution of Surplus -2,436,011.10
11. Ending Cash Collateral Account 52,886,776.35
12. Cash Collateral Account deficiency 0.00
C. OTHER RELATED INFORMATION
1. Discount Rate 4.6150%
2. Life to Date Prepayment (CPR) 6.3%
3. Life to Date Substitutions:
a. Prepayments 0.00
b. Defaults 0.00
------------------------------------------------------------------------------------
May-03 Apr-03
Item Payment Date Payment Date
------------------------------------------------------------------------------------
a. Senior Loan 323,748.83 2,759,759.93
b. Holdback Amount 58,767,335.00 58,767,335.00
Page 7 of 8
NCT Funding Company LLC, Allfirst Bank, as trustee under the
Indenture, and Capita Corporation, in its individual capacity and as
Servicer, DO HEREBY CERTIFY that I am a Responsible Officer of the
Servicer and, pursuant to Section 9.02 of the Pooling and Servicing
Agreement, I DO HEREBY FURTHER CERTIFY the following report with
respect to the Payment Date occurring on 05/20/03
This Certificate shall constitute the Servicer's Certificate as
required by Section 9.02 of the Pooling and Servicing Agreement with
respect to the above Payment Date. Any term capitalized but not
defined herein shall have the meaning ascribed thereto in the Pooling
and Servicing Agreement.
Capita Corporation
Glenn Votek
-----------
Glenn Votek
Executive Vice President, and Treasurer
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